Ur-Energy (TSX:URE,NYSEMKT:URG) released its third-quarter financial results on Monday and analysts have been poring over them ever since.

During the quarter, the company captured 131,331 pounds of U3O8, with 125,915 pounds of that amount being packaged in drums. Ur-Energy was able to sell 100,000 pounds to generate revenue of $6 million — largely because of a contract price agreed to beforehand.

Though the uranium spot price fell to about $31.17 during the last quarter, Ur-Energy was able to sell its products for $59.96 per pound, equivalent to a 92-percent premium.

"Throughout the first full year of production at Lost Creek, the project has been able to achieve operating costs on the lowest end of uranium ISR cost metrics. Our cost profile, in combination with our advanced product marketing strategy, has led us to realize industry-leading margins on our product sales," said Wayne Heili, the company's president and CEO, in a statement.

Analysts from Cantor Fitzgerald and Haywood Securities have highlighted the fact that the company's long-term contracts give it a competitive edge in the slumping uranium market. The current spot price for U3O8 is $36.88, but the company is slated to sell its uranium for $66 per pound in the fourth quarter.

Rob Chang with Cantor Fitzgerald has given Ur-Energy a "buy" recommendation and pegs its target share price at $2.30.

"Cash costs rose modestly but still remained amongst the lowest in the industry at $23.29/lb., up from $20.56/lb. the previous quarter. Recall that we estimate the global marginal cost of production to be at $40/lb," he said in a note.

Meanwhile, Colin Healey with Haywood said in his own note that the company improved operationally, but warned about Ur-Energy's working capital tightening despite a $3.5-million drawdown in mid-September.

Moving forward, Heili said the company will be keeping a close eye on rising uranium prices. With nuclear reactors on the verge of restarting in Japan, some believe the spot price of uranium is set to trend upward following a disappointing summer.

"While we maintain our posture of producing for and selling exclusively into term contracts, we also recognize that the uranium spot price is up 28% over the past three months. The operational flexibility of the Lost Creek ISR Project allows for the opportunity to quickly initiate a spot market sales strategy if uranium pricing continues the upward trajectory," Heili said.

Securities Disclosure: I, Nick Wells, hold no direct or indirect investment with any of the companies mentioned in this article.